Most first time buyers getting cash help from parents

By Michelle Rock

New research from Halifax has found that 63 per cent of first time buyers aged between 20 to 45 received financial help from their parents in order to complete their property purchase.

The research shows first time buyers are expecting varying levels of financial assistance from their parents, with 60 per cent expecting help with the deposit, 18 per cent likely to ask Mum and Dad to be guarantors on the mortgage, and 14 per cent expecting help with the monthly mortgage payments.

Parents are dipping into their savings to help their children with a deposit for their house purchase, with others giving an early inheritance. The vast majority of parents (92 per cent) felt their children would be unable to purchase a property without their financial help.

If you are buying, selling or remortgaging a property in Northern Ireland, and require a conveyancing solicitor to handle the legal process for you, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.